Why identity fraud costs organizations millions

92% of respondents to a recent report shared that their organization had been a victim of identity fraud, costing an average of $4.3 million over the last 12 months. Even so, only 40% stated identity verification as a top identity challenge, noting that many organizations still need to trust more secure authentication practices, patchy identity monitoring, and other outdated manual processes to do the job.

This is especially concerning when considering the widespread risks and how much leaked password data is already floating around the dark web. In a new world of deepfakes and social engineering, how can organizations guarantee that employees are who they say they are when identity security strategies aren’t up to par?

In this Help Net Security video, Bojan Simic, CEO of HYPR, offers insights on how these challenges could impact the identity security sector amid shifting threats in the first half of the new year.